Patagonia Reportedly Giving Away All Profits to Help Fight Climate Change

Patagonia founder Yvon Chouinard has transferred the company into a trust to ensure its profits are used to help fight climate change.

Chouinard and his family decided to give away the company to a nonprofit and a trust set up to protect Patagonia’s independence and ensure its $100 million in annual profits are used to help fight climate change and “protect undeveloped land around the globe,” according to The New York Times. Chouinard has long been known for his passion for fighting climate change, eschewing business norms and encouraging others with massive wealth to give it away.

“Hopefully this will influence a new form of capitalism that doesn’t end up with a few rich people and a bunch of poor people,” Chouinard said in his interview with The New York Times. “We are going to give away the maximum amount of money to people who are actively working on saving this planet.”

Patagonia, which is valued at around $3 billion, is a private company with annual revenues of around $100 million, according to the Times, and has already given away more than $140 million to environmental groups over the past few decades.

The outdoor apparel company will continue giving away 1% of sales to grassroots activists each year, and the leadership of the company will not change, Patagonia said in a statement.